DEVRO has been 100% owned by SARIA since April 2023.

At what enterprise value was DEVRO acquired in 2023?

During the acquisition of DEVRO by SARIA in 2023, the transaction's Enterprise Value is estimated to be in the range of £500M–1.5bn.

What was the EV/EBITDA of DEVRO when it was acquired by SARIA?

The estimated EV/EBITDA multiple for DEVRO is in the range of 10x - 18x.

When was DEVRO acquired by SARIA?

DEVRO was acquired by SARIA in 2023.

What was the EBITDA of DEVRO during the acquisition?

DEVRO's EBITDA is estimated to be in the range of £50–100M.

How is the data for the DEVRO acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the DEVRO deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://saria.com/news/saria-expands-portfolio-with-acquisition-of-devro/#:~:text=The%20SARIA%20Group%20and%20Devro,acquisition%20on%20March%203%2C%202023.

What is the average EV/EBITDA multiple for the AgriFood sector in 2026?

The average EV/EBITDA multiple for the AgriFood sector in 2026 is 11.0x.

← DATABASE

Home Database AgriFoodDEVRO

04/2023

DEVRO acquired by SARIA

UNITED KINGDOM Food Processing / Ingredients EV £500M–1.5bn

Context

SARIA acquired the entire issued share capital of Devro with an offer representing a substantial premium of approximately 67% to Devro's share price, reflecting SARIA's determination to delist this strategic asset. The deal creates a global powerhouse in the sausage casings market, combining Devro's collagen technology with SARIA's existing natural casings business (Van Hessen).

DEVRO, which reported an EBITDA margin of [members only] in 2022, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, representing a level close to the average currently observed in the AgriFood sector (11.0x).

-> Deep-dive in AgriFood market trends

Target

Headquartered in Scotland, Devro is one of the world's leading suppliers of collagen casings for food (primarily sausages). It employs over 2,000 people and operates manufacturing sites in the UK, USA, China, and Czech Republic. Its products are a specialized alternative to natural casings, offering consistency and productivity for Corporate meat processors.

Ent. Value

£500M–1.5bn

Equity Value

[members only]

Multiples

EV / Revenue

[members only]

EV / EBITDA

10x–18x

EV / EBIT

[members only]

Historical Financials (GBP)

Year

Rev

EBITDA

EBIT

2022

2021

Similar deals in Food Processing

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
05/2023	GREENYARD	GIGI GELATO	NETHERLANDS	Food Products
05/2023	MADEMOISELLE DESSERTS	GALANA (PASTRY & ICE CREAM)	BELGIUM	Bakery / Pastry
04/2023	PAI PARTNERS	EUROPEAN PIZZA GROUP (EPG)	GERMANY	Food Products
03/2023	NACTAROME GROUP	ROYAL BUISMAN	NETHERLANDS	Ingredients
03/2023	CARLSBERG GROUP	WATERLOO BREWING	CANADA	Wines & Spirits
02/2023	PAI PARTNERS	LA COMPAGNIE DES DESSERTS	FRANCE	Bakery / Pastry
02/2023	ROUTIN	CAPPUCCINE	UNITED STATES	Soft Drinks
02/2023	LUCAS BOLS COMPANY	FLUÈRE	NETHERLANDS	Wines & Spirits
01/2023	BROWN-FORMAN CORPORATION	DIPLOMÁTICO RUM	VENEZUELA	Wines & Spirits
01/2023	NEWPRINCES GROUP	EM FOODS	FRANCE	Food Products

REFERENCES

Valuation range: EV £500M–1.5bn

EBITDA range: £50–100M

EV/EBITDA range: 10x - 18x

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of DEVRO by SARIA are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.